Textron Inc.

This report does not constitute a rating action. Overview Key strengths Key risks Strong demand across many production lines. Limited labor supply and vulnerability to supply chain bottlenecks. Robust government spending toward defense. Volatility within industrials segment. Strong free cash flow generation. Some customer concentration with U.S. government. Demand for Textron?s commercial aircraft, within both its aviation and Bell segments has remained stable over the first half of 2025, and we expect this trend to continue over the near term. Jet deliveries through the first half of the year were largely in line with the same levels compared to the period last year, however turboprops realized growth. We expect commercial aviation deliveries to remain stable to slightly higher, supported by

...We expect stable commercial demand coupled with improved pricing to drive Textron Inc.'s top- line growth. Demand for Textron's commercial aircraft, within both its aviation and Bell segments has remained stable over the first half of 2025, and we expect this trend to continue over the near term. Jet deliveries through the first half of the year were largely in line with the same levels compared to the period last year, however turboprops realized growth. We expect commercial aviation deliveries to remain stable to slightly higher, supported by a book to bill ratio of at least 1:1 and a favorable pricing environment supported by strong demand. The company will begin deliveries of new generation platforms, with new Ascend models reaching customers during the second half of 2025 and Denali in 2026. Supporting segment growth is a meaningful...

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